India-based Oyo, which is valued at $10bn has made dozens of UK staff redundant and seen the exit of its country head in recent weeks, following a period of rapid expansion.

SoftBank said its Vision Fund’s $75bn investment in 88 startups was worth $69.6bn at the end of March.

SoftBank said it plans a second share buy back of up to 500bn yen in the next year. Bloomberg News reported that SoftBank plans to fund the buybacks partially via selling stakes in Alibaba and T-Mobile US.

The company also announced three new board members on Monday, including chief financial officer Yoshimitsu Goto.